Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with three investors participating: Jianxin Pension (Tao Jin, Cao Jingyi) and Changjiang Securities (Li Jin) [2] - The meeting took place on December 15, 2025, at the company's headquarters [2] - Company representatives included Chairman and General Manager Zhou Zongwen, Board Secretary and Deputy General Manager He Xiaolin, and Securities Affairs Representative Rong Huan [2] Group 2: Key Discussion Topics - Investors inquired about industry conditions, brand matrix, national treasures, product structure, terminal sales performance, and dividend planning [2] - The company ensured compliance with the Information Disclosure Management System, maintaining the accuracy, completeness, and timeliness of disclosed information [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange requirements during the on-site survey [2]

Core Viewpoint - The company Zhou Dasheng (002867.SZ) currently does not have any wireless earphone products made from gold jewelry [1] Group 1 - The company has clarified its product offerings on the interactive platform [1]

Group 1 - The core viewpoint of the news is that Zhou Dasheng (SZ 002867) has engaged with investors through a research meeting, indicating ongoing investor interest and transparency in operations [1] - Zhou Dasheng's revenue composition for the first half of 2025 is entirely from jewelry, with a 100.0% contribution from this segment, highlighting the company's focus on this product line [1] - As of the latest report, Zhou Dasheng's market capitalization stands at 12.9 billion yuan, reflecting its valuation in the market [2]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a telephone conference with 4 investors from Xingzheng Asset Management [2] - The meeting took place on December 11, 2025, at the company's headquarters [2] Group 2: Discussion Topics - Investors inquired about industry conditions, terminal sales, self-operated store planning, e-commerce status, national treasures, product structure, and dividend planning [2] - The company ensured compliance with the "Information Disclosure Management System," maintaining the accuracy and completeness of disclosed information [2]

Group 1 - The core viewpoint of the news is that Zhou Dasheng (SZ 002867) is actively engaging with investors, indicating a focus on transparency and communication regarding its business operations [1] - Zhou Dasheng's revenue composition for the first half of 2025 is entirely from jewelry, with a 100.0% contribution from this segment [2] - As of the latest report, Zhou Dasheng's market capitalization stands at 13.1 billion yuan [3]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with three investors participating: Liu Lan from Jianfa Xinxing, Li Yuting, and Han Ziyi from CITIC Securities [2] - The event took place on December 10, 2025, in the headquarters meeting room [2] Group 2: Main Content of the Activity - The Q&A session covered topics such as industry conditions, brand matrix, national treasures, product structure, and product development [2] - Investors were able to visit the company showroom during the event [2] - The company adhered to the "Information Disclosure Management System" regulations, ensuring that information disclosed was true, accurate, complete, timely, and fair, with no significant undisclosed information leaks [2] - Investors participating in the on-site survey signed a commitment letter as required by the Shenzhen Stock Exchange [2]

Core Insights - The strategic cooperation agreement between the World Platinum Investment Council and the Chinese jewelry company Zhou Dafu marks a significant collaboration in the platinum investment sector [1] Group 1 - The partnership will focus on the development of platinum investment products, market promotion, industry construction, and cultural empowerment [1]

Group 1: Domestic Gold Prices - Most gold stores in China maintain stable gold prices, with only Chow Sang Sang seeing a slight increase of 4 CNY per gram, reaching 1328 CNY per gram, which is the highest price among several stores today [1] - The price range for gold remains consistent with yesterday, maintaining a difference of 96 CNY per gram [1] - Detailed gold prices from various brands include: Lao Miao at 1325 CNY, Liu Fu at 1326 CNY, Chow Tai Fook at 1328 CNY, and others, with no significant changes reported [1] Group 2: Platinum Prices - Platinum jewelry prices have seen a slight increase, with Chow Sang Sang reporting a rise of 3 CNY per gram, now priced at 672 CNY per gram [1] Group 3: Gold Recycling Prices - The gold recycling price has increased by 2.7 CNY per gram, with varying prices across different brands, such as 941.50 CNY per gram for general gold and 906.80 CNY for Chow Sang Sang [2] Group 4: International Gold Prices - The spot gold price experienced fluctuations, peaking at 4221.09 USD per ounce and closing at 4206.92 USD per ounce, reflecting a 0.43% increase [4] - As of the latest update, the spot gold price is reported at 4175.36 USD per ounce, showing a decline of 0.33% [4] - The recent increase in gold prices is attributed to market expectations of a Federal Reserve interest rate cut and ongoing central bank gold purchases, while geopolitical uncertainties are also supporting safe-haven demand for gold [4]

Group 1: Market Trends - The demand for gold and jewelry consumption has increased, with retail sales reaching 313.1 billion yuan in the first ten months of the year, a year-on-year growth of 14.0% [1] - The rising gold consumption market faces challenges such as counterfeit products, unclear quality, mixed channels, and lack of after-sales service [1] Group 2: "Sand Gold" Issues - "Sand gold," which resembles gold but is actually brass plated with a thin layer of gold, has gained popularity due to its low price, with some merchants claiming it is "Vietnamese sand gold" or "Myanmar sand gold" [2][3] - The actual gold content in "sand gold" is often misrepresented, with some products claiming 5% gold content but failing to meet this standard upon testing [2] - Health risks are associated with "sand gold" due to excessive nickel release, which can cause skin allergies [3] Group 3: Pricing and Quality Concerns - The pricing of "sand gold" is misleading, as the production cost is very low, with some items costing as little as 10 yuan to produce [3] - "One-price" gold jewelry is becoming more common, where prices are set per item rather than by weight, leading to potential overpricing and lack of transparency regarding the actual weight of the gold [4][5] - Consumers have reported disputes over the actual weight of "one-price" products, highlighting the need for transparency in pricing and after-sales policies [5] Group 4: Customization Risks - Traditional gold companies are embracing trends by launching collaborative gold products, referred to as "pain gold," but risks exist in private customization due to lack of legal protection and potential quality issues [6][7] - Consumers face risks such as upfront payments without guarantees and potential quality problems due to the absence of third-party testing [6][7]

Market Overview - The jewelry sector experienced a decline of 0.48% on December 8, with Zhou Dashing leading the drop [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Individual Stock Performance - Notable performers in the jewelry sector included: - Shenhua A (000017) with a closing price of 8.25, up 3.25% and a trading volume of 367,000 shares [1] - Xinghua Jewelry (002731) closed at 13.74, up 1.40% with a trading volume of 82,700 shares [1] - Feiya (000026) closed at 15.25, up 0.73% with a trading volume of 30,900 shares [1] - Conversely, Zhou Dashing (002867) closed at 12.20, down 1.61% with a trading volume of 124,100 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 1.86 million yuan from institutional investors, while retail investors contributed a net inflow of 1.67 million yuan [2][3] - Specific stock capital flows included: - Zhou Dashing with a net outflow of 23.57 million yuan from institutional investors [3] - Cuifeng Jewelry (002731) had a net inflow of 13.84 million yuan from institutional investors [3] - Shenhua A experienced a net inflow of 7.72 million yuan from institutional investors [3]